China’s Yingli Green to appeal court order to repay notes to holder

By Susanna Moon

Chicago, May 18 – Yingli Green Energy Holding Co. Ltd. said that its Baoding Tianwei Yingli New Energy Co. Ltd. subsidiary has been ordered to repay to a noteholder the remaining principle and overdue penalty of its medium-term notes due Oct. 13, 2015 and its medium-term notes due May 12, 2016.

The People’s Republic of China court issued the ruling in a lawsuit filed by one of the holders of RMB 65.7 million, or 3.7%, of the 2011 and 2010 notes still outstanding, according to a company announcement.

“Tianwei Yingli plans to appeal the judgment while continuing to seek a mutually beneficial solution with the noteholder out of court,” the release said.

The daily penalty interest rate is 0.021% for the overdue penalties in the court citing.

Yingli gave an update on Sept. 19, 2017 on the noteholder lawsuit to recover RMB 74.4 million due to non-payment of principal and interest first announced on Sept. 1, 2017.

At the time, the company had RMB 1,757,000,000 of medium-term notes issued in two tranches and was not aware of any other lawsuits filed by the noteholders.

Yingli Green Energy is a Baoding, China, maker of solar panels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.